Nasdaq forms pact with Singapore Exchange to attract dual listings as Ant Group’s blockbuster IPO passes them by
- Singapore Exchange and Nasdaq will cooperate on a streamlined framework for issuers seeking a secondary listing on Singapore Exchange, SGX said
- The framework allows documents required for the SGX listing to be based on information contained in the US listing and subsequent filing documents to the SEC and/or Nasdaq, with additional disclosure in compliance with Singapore’s rules
Singapore Exchange and Nasdaq will extend their partnership to help companies access capital in both jurisdictions.
The framework allows documents required for the SGX listing to be based on information contained in the US listing and subsequent filing documents to the US Securities and Exchange Commission and/or Nasdaq, together with additional disclosure in compliance with Singapore’s rules. Shares of SGX fell as much as 1.7 per cent Wednesday morning, the most in three weeks.
“A dual-listing tie up with Nasdaq will significantly bring up SGX’s profile” as an important destination for technology listings in Asia, said Margaret Yang, a strategist at DailyFX in Singapore. “This is significant for SGX, which has suffered from delistings and lack of technology firm IPOs in the past years.”
Cooperation will further enable monitoring and assessment of issuers, and the enforcement of regulatory actions, including referrals of cases to the authorities of the respective jurisdictions.